stock donations, charitable contributions

How to Maximize Deductions Thru Stock Donations

Recently, we discussed a rather clever strategy of using unsecured loans to avoid having substantial gifts be included in one’s estate and, therefore, be subject to gift tax. In the future, we’d like to continue to highlight and discuss similar clever plans.  Each well discuss ways to reduce tax burdens and maximize an individual’s financial condition. Tax […]

cancellation of debt

Is Cancellation of Debt Income?

Tax relief is a major part of our professional practice.  It follows, then, that we should expend some ink going over what constitutes taxable income.  One of the more confusing forms of taxable income is the phantom income known as cancellation of debt or, simply, COD income.   It’s the source of many bewildered telephone calls to this law […]

tax evasion

A Look at Celebrity Tax Evasion

So far, we’ve devoted a couple of blog posts to look at the celebrity financial difficulties. We’ve looked at celebrity bankruptcies and, more generally, looked at celebrity tax troubles.  Here, we’d like to continue this review.  Accordingly, in this post, we’re going to look at a few public figures who’ve gotten themselves into really big […]

debt resolution

A Guide To Tax Resolution Terms

As we’ve pointed out before, tax resolution is a major focus of our practice here at Mackay, Caswell & Callahan, P.C., and for that reason we’ve covered a number of different topics related to this focus. Resolving tax obligations with the Internal Revenue Service and New York State is a primary focus of ours. Throughout our various […]

OIC tax attorney

How to Hire an OIC Tax Attorney

We’ve covered offers-in-compromise (OICs) before in our blog posts.  That’s for good reason: here at Mackay, Caswell & Callahan, tax relief is a major area of our practice.  OICs can be a very attractive option for resolving back tax debt in certain cases. When someone owes tax debt to the IRS, he or she can submit an OIC.  It […]

New York Voluntary Disclosure

New York Voluntary Disclosure & Compliance Program 

When someone begins to resolve their debts, the most valuable tool they can have is knowledge. Without tit, debtors can easily miss out on opportunities to reduce or eliminate debt. By extension, taxpayers often fail to fully maximize their overall financial situation. That’s because they just don’t have the knowledge necessary to fully understand their options.  […]

Unsecured Loan

Using An Unsecured Loan to Avoid Gift Tax

Estate planning is among the most important areas of tax strategy. It was recently impacted by the Tax Cuts & Jobs Act (“Act”) when the estate tax exemption was increased.  The Act increased the estate tax exemption from $5.5 million to $11.18 million.  Nonetheless, it’s still wise for people to keep up with changes to the law […]

tax deductions

The Most Commonly Abused Tax Deductions

Taxpayers interested in maximizing their financial situation look for legitimate ways to reduce their tax burden. They find tax deductions, credits, and other ways to shrink their tax bill and pay as little as possible. That’s why they often consult with a qualified accountant, tax attorney, or other tax professional.  Everyone should pay their share of tax, […]

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